Qualify on liquid assets, not on income
Asset Qualifier
The Asset Qualifier lets a borrower qualify on their liquid assets. There is no employment check, no income calculation and no debt-to-income ratio — ability to repay is established from assets that meet the seasoning requirements. We have placed it for retirees, for self-employed people the standard box does not serve, for borrowers left without income after a divorce, and for anyone else whose money has been sitting somewhere it can be documented.
Program requirements
- Loans up to $4 million, minimum loan amount of $150,000
- No employment, no income, no debt-to-income ratio
- 30-year fixed rates
- Interest-only program available
- Five years of seasoning after a foreclosure, short sale or bankruptcy
- Primary residences and second homes
- Purchase, cash-out or rate-and-term refinance, plus delayed financing options
- All assets sourced and seasoned a minimum of six months
- Assets required: the loan amount, recurring monthly debt multiplied by 60, the funds to close, and three months of reserves
- At least $500,000 in post-closing assets
Guidelines vary by program and by borrower profile, and are subject to change. Contact us for current terms.
*Rates shown are for illustrative purposes only, are not a commitment to lend, and cannot be guaranteed in regards to your individual financial position by Mr. Mortgage Capital Corporation. Actual rates depend on credit profile, loan-to-value, occupancy, property type and other factors, and are subject to change without notice. For the most accurate and personalized results, we encourage you to seek advice from one of our qualified financial professionals.
The line that decides most files
Read the ninth requirement slowly, because it is the one that settles whether a file works. Four amounts get added together: the loan amount itself, your recurring monthly debt multiplied by sixty, the funds needed to close, and three months of reserves. That sum is what you have to be able to document.
The program also sets a floor underneath all of it: at least $500,000 in assets has to remain after closing. And every dollar counted has to be sourced and to have sat for six months — money that arrived last week does not count, however real it is.
Asset Qualifier
If your assets have been sitting where they can be documented, this is often the shortest route to a yes. Send us the account statements and we will tell you where you stand before anything gets pulled.